Like, take poker for example, people sell action in poker. So say you have a poker tournament with a $10,000 buy-in, but you only have $100...you sell 99% of your action (and if you are a known player, people buy it, even if the players ask for MORE than even money). Ofc, everything you win, you only get 1%, and the people who bought your action get the 99% of your winnings. If you bust out and lose, nobody gets anything.
People also pool their money together. Say there's a big tournament. Instead of buying in yourself and taking 100% of the risk yourself, you can join a pool of players and share the buy-ins and winnings. You'll win less personally, because they all have to share wins/losses, but the risk is also softened immensely, so you also lose less.
And with these kinds of arrangements, we could have situations in poker tournaments where people stop playing against each other...Because they are in a sharing pool together, or another has bought their action, or whatever.
So the single individual player not only has a long shot to win, but they're in even worse condition than they know.
2023-03-15 21:17